I was fortunate enough to spend my mid-20s traveling around the world. I was never sure how long I would stay in one location, so paying for and maintaining a car wasn't at the top of my list. Then when I hit 28, I settled down and got a steady job. Of course, I needed a way to get to my steady job, so I finally bought my own car. If you haven't had to make this big purchase yet but are thinking it's time, here's what I wish I'd known:
1. Figure out what car features you really want ahead of time. You're probably not the first person in your inner circle to buy a car. Ask your friends what added bells and whistles they use the most, and which ones they don't. I thought a sunroof was the Rolls-Royce of car features, but now that I have that coveted hole in my car's ceiling, I find that I rarely use it. But heated seats, on the other hand, bring such joy to my life that sometimes I have a hard time getting out of them once I've arrived at my destination.
2. Don't be shy at the dealership when you start shopping. Ask to drive as many cars as you need to in order to gain a good understanding for the kind of car that would make you happiest and best suit your lifestyle. I felt like I was imposing on the salespeople when I was car shopping so I didn't test drive as many cars as I wanted to. There are so many to choose from, and it's the salesperson's job to help you find the right one. Once you drive a few, you might find you need or want something different from what you had originally imagined.
3. Be prepared and armed with the right information when you're ready to buy so you can negotiate the best price. Spend some time researching the car's dealer invoice price (try Car and Driver's Buyer's Guide), which is the amount a manufacturer charges its dealers for a car. It's less than the Manufacturer's Suggested Retail Price (MSRP, or sticker price) and knowing this will help you get a better price during the dreaded negotiation process. (Tip: It's better to negotiate up from the invoice price than down from the MSRP.) Stay confident, know your budget and don't let your salesperson convince you to go above it.
4. If you can take your time car shopping — or at least a morning off of work, do it. Just like airline tickets, there are better times to buy, like weekday mornings when business is slow and after Labor Day when dealerships are making way for newer models. Don't let your salesperson pressure you into buying right away; whichever car you choose, you'll want to love it because hopefully, it will be with you for a long time. You may even want to name it. Diego has a nice ring to it.
5. Know how fast the car depreciates because it determines how much it's worth if you trade it in for a new car. The second you drive off the lot, your car is worth much less than what you paid for it. Some models can lose 40 percent or more of their value in just the first year. If you and Diego plan to grow old together, you have nothing to worry about, but if you think you may want to trade him in for a newer, more attractive model in a few years, you'll want to consider his resale value before you buy.
